Average recurring net profit, adjusted for one time gains and inventory effects, for the whole of 2014 came in at 1.707 billion euros ($1.94 billion), slightly beating a 1.695-billion-euro forecast in a Reuters poll of analysts.

For the fourth quarter alone, adjusted clean net profit was 370 million euros, three times what Repsol made in the October-December period a year earlier. ($1 = 0.8797 euros) (Reporting by Julien Toyer and Jose Elias Rodriguez; Editing by Paul Day)